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Right Of Redemption
The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt. Within the U.S., for home mortgage foreclosures, a homeowner may redeem the foreclosed property up to the time of the foreclosure sale, and in many states for a limited period of time after the sale, by paying off the mortgage balance and the costs incurred by the lender and any purchaser. Similar rights of redemption apply after foreclosures for unpaid property taxes. See also *Equity of redemption The equity of redemption refers to the right of a mortgagor to redeem his or her property once the debt secured by the mortgage has been discharged. Overview Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveya ... References Property law Foreclosure {{US-law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land improvement, improvement or Fixture (property law), fixture) to be considered part of the real property, it must be integrated with or affixed to the land. This includes crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law (legal system), civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Information Institute
The Legal Information Institute (LII) is a non-profit public service of Cornell Law School that provides no-cost access to current American and international legal research sources online. Founded in 1992 by Peter Martin and Tom Bruce, LII was the first law site developed on the internet. LII electronically publishes on the Web the U.S. Code, U.S. Supreme Court opinions, Uniform Commercial Code, the US Code of Federal Regulations, several Federal Rules, and a variety of other American primary law materials.. LII also provides access to other national and international sources, such as treaties and United Nations materials. According to its website, the LII serves over 40 million unique visitors per year. Since its inception, the Legal Information Institute has inspired others around the world to develop namesake operations. These services are part of the Free Access to Law Movement. History LII was established in 1992 at Cornell Law School by Peter Martin and Tom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity Of Redemption
The equity of redemption refers to the right of a mortgagor to redeem his or her property once the debt secured by the mortgage has been discharged. Overview Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt. The equity of redemption was the right to petition the courts of equity to compel the mortgagee to transfer the property back to the mortgagor once the secured obligation had been performed. Today, most mortgages are granted by statutory charge rather than by a formal conveyance, although theoretically there is usually nothing to stop two parties from executing a mortgage in the more traditional manner. Traditionally, the courts have been astute to ensure that the mortgagee did not i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Law
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. Property can be exchanged through Contract, contract law, and if property is violated, one could sue under Tort, tort law to protect it. The concept, idea or philosophy of property underlies all property law. In some jurisdictions, historically all property was owned by the monarch and it devolved through feudal land tenure or other feudal systems of loyalty and fealty. Theory The word ''property'', in everyday usage, refers to an object (or objects) owned by a person—a car, a book, or a cellphone—and the relationship the person has to it. In law, the concept acquires a more nuanced rendering. Factors to consider include the nature of the object, the relationship between the person and the object, the relationship between a numbe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
